Caps and closures, which are available in varied forms and sizes, are used to seal different shapes of containers so as to keep safe the product inside the container and to lower the chances of contamination. Market demand for food caps and tops is continuing to grow.
Rising demand for different types of food products in the United States, along with the growing demand for innovative packaging solutions from the end users for packaging different type of products, such as liquid breakfast products or products designed for on-the-go consumption, or packaging solutions that promote sustainable packaging methods are raising the need amongst the manufacturers of caps and closures to increasingly invest in the research and development for developing advanced packaging solutions, which is anticipated to drive the market growth. Additionally, growing demand for high-performance caps, such as, tamper-evident caps and closure injection molding solutions are also anticipated to drive the growth of the United States caps market in the coming years.
Research Nester has released a report titled “United States Caps Market – Demand Analysis & Opportunity Outlook 2028”which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The United States caps market is projected to grow with a CAGR of 4.4% during the forecast period, i.e., 2020-2028. Growing consumption of packaged food products, growing food and beverages industry, increasing demand for advanced packaging solutions from pharmaceutical and other end-user industries are some of the factors anticipated to promote the growth of the market during the forecast period. In the year 2019, around $1.7 trillion worth of food was supplied by the food marketing system, as stated by the Economic Research Service of the United States Department of Agriculture (USDA).
The United States caps market is segmented by size into 10mm, 13mm, 15mm, 18mm, 20mm, 24mm, 28mm, 33mm, 38mm, 48mm, 53mm, and others. Among these segments, the 10mm segment is projected to grow with the highest CAGR of 5.6% during the forecast period. The market is also segmented by material into plastic, metal, glass, wood, rubber & elastomers. Out of these segments, in the year 2019, the plastic segment held the largest market share of 68.20%, backed by the light weighted properties of the material, cost effectiveness of plastic caps and closures, chemically resistive properties of plastic caps and closures, and low production costs among others.
However, concerns regarding the scattered availability and decreasing production of the raw materials used for manufacturing caps and closures, along with the stringent regulations regarding the production of plastic resins, which are also leading to the fluctuations in the price of the raw materials for manufacturing caps and closures, thereby hampering the profitability of the manufacturers, are some of the factors anticipated to lower the market growth in the coming years.
This report also provides the existing competitive scenario of some of the key players of the United States caps market, which includes company profiling of United Caps Luxembourg S.A., Silgan Holdings Inc. (NASDAQ: SLGN), BERICAP SC LLC (BERICAP Holding GmbH), Closure Systems International, Berry Global Inc., Crown Holdings, Inc. (NYSE: CCK), Enercon Industries Corporation, and CL Smith.